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Europe’s economic Hara-Kiri
It is not just the immediate effect on Europe that threatens to be severely adverse; capital has already started relocating away from Europe to the United States, a trend that will inevitably gather momentum, so that long-term growth and hence employment prospects on that continent will also be affected.
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Inflation targeting farce: High costs, moot benefits
Sep 20, 2022 (IPS). Policymakers have become obsessed with achieving low inflation. Many central banks adopt inflation targeting (IT) monetary policy (MP) frameworks in various ways. Some have mandates to keep inflation at 2% over the medium term. Many believe this ensures sustained long-term prosperity.
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International Atomic Energy agency takes Ukraine side in war in September 15 vote, making UN Secretary-General Guterres either a liar or a fool
The International Atomic Energy Agency (IAEA) decided this week to take the side of Ukraine in the current war; blame Russia for the shelling of the Zaporozhye Nuclear Power Plant (ZNPP); and issue a demand for Russia to surrender the plant to the Kiev regime “to regain full control over all nuclear facilities within Ukraine’s internationally recognized borders, including the Zaporizhzhya Nuclear Power Plant.”
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When market fundamentalism overcomes common sense: Myth of electricity markets
The so-called electricity markets were created to help private capital, not people. It is time we wound up these bogus markets and returned public services to people, to be run cooperatively for their benefit
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Re-embedding the economy to rethink (sustainable) development
This famous sentence from Joseph Ki-Zerbo could be translated as ‘we do not enforce development; we develop ourselves.’ However, development paradigms have been largely influenced by external views, mainly those of Western countries.
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Energy, cost of living and recession
The G7 governments have a problem.
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1980s’ redux? New context, old threats
As rich countries raise interest rates in double-edged efforts to address inflation, developing countries are struggling to cope with slowdowns, inflation, higher interest rates and other costs, plus growing debt distress.
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Controlling inflation at the expense of working class
ECONOMISTS distinguish between two kinds of inflation: “demand-pull” and “cost-push”.
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Doing business with Taliban Govt
In no time after the retreat from Afghanistan, NATO is already immersed in another proxy war in Europe, and the alliance, at U.S. behest, is lurching toward the Arctic to counter Russia and China’s “big plans for the polar region.”
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Double meaning of Global Values
The basic justification of every policy of the West is the ideology of ecumenism the West is projecting, full of complacency and arrogance. However, it is a false ecumenism, as it corresponds only to the narrow interests of the Western ruling classes, not the interests of humanity, writes Valdai Club expert Dimitris Konstantakopoulos. This article was written as a follow-up to the author’s presentation at the expert discussion “The Global Ideological and Spiritual Landscape and Russia’s Place on the New Values Map of the World”.
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The People’s Steel Plant and the fight against privatisation in Visakhapatnam
The story of the Visakhapatnam Steel Plant is not only a story about its workers. Their resistance, aspirations, and victories are part of a wider canvas that is interwoven with struggles to defend the public sector, confrontations with neoliberalism, and the fight to carry out a national modernisation project. Each collage in this dossier combines […]
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Debt and the transition to regenerative agriculture
I grew up in a small town in Vermont, and like many I learned to love the smell of fresh cow manure being spread on fields in the spring.
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India’s Prabhat Patnaik: Fascism is rooted in the crisis of neoliberalism (Interview)
Renowned Indian economist and political analyst Prabhat Patnaik spoke with Bengali newspaper Ganashakti about the present state of India’s economy and politics, on the occasion of the 75th anniversary of India’s independence from British colonial rule.
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Why Coinbase’s balance sheet has massively inflated
Coinbase recently filed its interim financial report. It makes pretty grim reading. A quarterly net loss of over $1bn, net cash drain of £4.6bn in 6 months, fair value losses of over 600k…
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Sanctions and the decline of the dollar
The hegemony of the U.S. dollar was based on the fact that the world’s wealth-holders considered it to be “as good as gold”, even when it was no longer officially convertible to gold at a fixed rate, as it had been under the Bretton Woods system, after the collapse of that system.
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Stagflation: From tragedy to farce
SYDNEY and KUALA LUMPUR. Half a century after the 1970s’ stagflation, economies are slowing, even contracting, as prices rise again. Thus, the World Bank warns, “Surging energy and food prices heighten the risk of a prolonged period of global stagflation reminiscent of the 1970s.”
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Over 70 economists call for Biden Administration to return Afghanistan’s Central Bank reserves
“The people of Afghanistan have been made to suffer doubly for a government they did not choose.”
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The Indian economy since Independence
The post-colonial state in India had two primary tasks before it: one was to overcome the hegemony of metropolitan capital, so that a development strategy in relative autonomy from imperialism could be pursued; the second was to attack landlordism both to free the agrarian population from its clutches, and to increase agricultural output for rapid industrialisation based on a growing home market.
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U.S. Senate targets Social Security and Medicare
Last week, Republican Senator Ron Johnson called for ending Social Security and Medicare as entitlement programs, instead transferring them into the discretionary budget where they would be gutted.
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Economics and the law of the hammer
As yours truly has reported repeatedly during the last couple of years, university students all over the world are increasingly beginning to question if the kind of economics they are taught–mainstream economics–really is of any value. Some have even started to question if economics is a science.